Agri Picks Report: Geojit.

The USDA has scaled down its estimate for global cotton output for 2020-21 (Aug-Jul) to 112.9 mln bales (1 US bale = 218 kg) from 113.9 mln bales pegged in December. The downward revision in output estimate is mainly due to a fall in production in the US. Robust demand for soymeal and rally in edible oils in the global market will likely see soybean prices hit an all-time high of 5,200 rupees per 100 kg in a couple of months. Soybean prices are already hovering around 4,600 rupees. The government is looking into the possibility of cutting import duties on edible oils to cool off prices in the domestic market, a government official said The Centre urged states that have banned the entry of poultry products to reconsider the decision, as the move is likely to have a negative impact on the poultry industry, according to an official release. The National Commodity & Derivatives Exchange Ltd will re-launch steel long futures trading for February, March, and April contracts from Monday, the exchange said in a circular. The US Department of Agriculture has scaled down its estimate for global oilseed production in 2020-21 to 594.5 mln tn from 595.7 mln tn projected in December. Crude oil production in the US will not bounce back in 2021 and average lower than 2020 levels, the Energy Information Administration said in its Short Term Energy Outlook. The US Department of Agriculture has cut its estimate for global maize production to 1,134 mln tn from 1,144 mln tn pegged in December, it said in its latest report.